Definition: The term "mortgage deferment" typically refers to a situation in which a borrower's ability to make payments on their mortgage loan is delayed, possibly for an extended period due to unforeseen circumstances such as job loss or financial hardship. This can happen when the borrower needs additional time to seek support from family and friends or work through personal problems. The term "mortgage deferment" generally implies that the borrower has been unable to make monthly payments on their mortgage loan, and it may take them months or even years to resolve this situation. The goal is not to let the borrower default on the mortgage loan, but rather to provide a temporary relief until the borrower can find a new source of income or financial support. The term "mortgage deferment" often refers to situations where the borrower's ability to make payments is delayed due to unforeseen circumstances such as job loss or personal hardship.
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